Clarification
This query is : Resolved
11 January 2012
I am a retired employee. My wife is a house wife. Till now I am paying income tax. On maturity of fixed deposits in my name, I have deposited Rs.14 lakhs in my wife's name. She has PAN number and some MF in her name. Her income is not in the taxable range and not even submitted the IT returns till date.
Whether my wife is to submit returns for the money earned on the deposits in her name Or is it mandatory that I must submits the returns showing her interest income as my earnings.
Whether my wife is to submit returns for the money earned on the deposits in her name Or is it mandatory that I must submits the returns showing her interest income as my earnings.
11 January 2012
Gifts by an individual to his spouse attract clubbing provisions.
Accordingly, the interest on fixed deposits shall be clubbed with your income and shall not be treated as the income of your wife.
Accordingly, the interest on fixed deposits shall be clubbed with your income and shall not be treated as the income of your wife.
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